LOUISVILLE, Ky. — Signature HealthCARE LLC, a Louisville-based skilled nursing operator, has acquired the operations of 18 skilled nursing facilities from Elmcroft Senior Living Inc. for an undisclosed price. Care Capital Properties (CCP), a Chicago-based skilled nursing REIT, owns the facilities, all but one of which are located in Kentucky.
The 18 properties add approximately 1,700 beds to Signature’s portfolio, and expand Signature’s presence in Kentucky to 41 facilities.
In connection with the acquisition, CCP funded a total of $9 million to Signature, of which $8 million was added to the lease basis at an 8.5 percent return. The remaining $1 million was a four-year fully amortizing loan.
CCP entered into a new master lease with Signature to operate the properties at the existing Elmcroft rent plus the additional caveats described above.